Andrew Y. asked
I understand the bank only reports deposits of $10,000 or more to the IRS. But do they report to the IRS if an account reaches $10,000 or more? Or is it only large deposits? Also, will an amendment to my tax return spark an audit, especially if the change is minimal?
February 21st, 2024
Cindy W. answered
Banks do not report account balances to the IRS; they only report interest payments made on your acc...
February 21st, 2024
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